The financial challenges of gray divorce

On Behalf of | Mar 2, 2023 | Divorce

Every divorce involves unique people and thus is unique in its own right. Still, one thing that most Wright County divorces have in common is that the spouses must split up their marital assets. Unless you and your spouse own very little property or have a prenuptial agreement in place, figuring out an equitable division of property can be complicated and emotional at times.

This is especially true for most couples getting divorced after 50, commonly known as going through “gray divorce.” By the time they have reached middle age and have been married for 20 to 30 years, most couples have amassed substantial assets. The house, cabin, retirement savings, bank accounts and other property must be divided between you and your spouse (in most cases) if you acquired them during the marriage.

Gray divorce and money

This can be an especially complex and sensitive matter for people in their 50s or 60s. Retirement age is near, and most divorcing spouses would prefer not to have to delay retiring if at all possible. Further complicating matters are spouses who did not work during the marriage. After decades of working as a homemaker, it can be impossible to suddenly become financially self-reliant. And the spouse who was the breadwinner during the marriage might be forced to delay retirement and stay in a demanding job to pay for spousal support and their own living expenses.

Other issues that commonly arise in gray divorce property division negotiations include:

  • Blended families, including stepchildren
  • A “boomerang child” who has moved back home as an adult
  • Rising healthcare costs due to conditions common to middle-aged people and seniors
  • Elderly parents needing financial and living support

Fortunately, working with a divorce attorney with experience guiding clients through gray divorce should result in a fair and properly tailored property division.